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Executive and Legislative documents laid before the General Assembly of North-Carolina [1870; 1871]

' DocuMEj^T: ]^b. 21'. [Session
lands ill WesterH' ]?^or.tli Carolina, at 12 months, witli interest,
tliat under existing circnmstances will not probably bring more
tlian half tlie amonnt,.but which is intrinsically worth over one
linndred thonsand dollars ($100,000), as we snppose.
It was hoped that several well known of the tracts could
have been sold for cash before this time, as many strangers had
passed throngh the conutry looking for snch iarms, and pro-visions
were made in tlie contract and deed in trust to enable
such sale to be made, but so tar there does not appear to be
any prospect to sell one of the tracts at the prices fixed.
In this last contract ^Y. P. Welch did not join, but on the
last night of our negotiation become disgusted with the equivo-cation
of the said Littlefield and' Swepson and left the room,
declaring that he would not have anything iurther to do with
them.
The other th;ree Commissioners having surveyed the ground
and looked well, to the prospect of recovering anything l)y liti-gation,
seeing that all of Mr. Swepson's property had been
conveyed, but that secured in our deed at twelve months, and
that there were existing judgments enough to exhaust that in a
lew days, leaving nothing to reach to pay even a part of the
large demand, and seeing that the law appointing us as Com-missioners
expressly reserved, the power of any indictment to
the law ofiieers of the State, we considered that by these pro-visional
agreements we might save enough to make our road
from the Tennessee. State line to Waynesville by aid of a mort-gage
for a small sum.
These considerations,, and. not that we supposed that we were
obtaining all that should be paid the company^ induced the
majority to make the terms that we did.
It was making the best that could be made of a bad state of
things, and if lairly and laithfully carried out it would have
been a great blessing to this section of the State.
It was apparent to us that the thousand bonds placed with
Soutter & Co., and on which two hundred and fifty thousand
dollars ($2,50,000) had been a.dyancedj and. the four hundred

' DocuMEj^T: ]^b. 21'. [Session
lands ill WesterH' ]?^or.tli Carolina, at 12 months, witli interest,
tliat under existing circnmstances will not probably bring more
tlian half tlie amonnt,.but which is intrinsically worth over one
linndred thonsand dollars ($100,000), as we snppose.
It was hoped that several well known of the tracts could
have been sold for cash before this time, as many strangers had
passed throngh the conutry looking for snch iarms, and pro-visions
were made in tlie contract and deed in trust to enable
such sale to be made, but so tar there does not appear to be
any prospect to sell one of the tracts at the prices fixed.
In this last contract ^Y. P. Welch did not join, but on the
last night of our negotiation become disgusted with the equivo-cation
of the said Littlefield and' Swepson and left the room,
declaring that he would not have anything iurther to do with
them.
The other th;ree Commissioners having surveyed the ground
and looked well, to the prospect of recovering anything l)y liti-gation,
seeing that all of Mr. Swepson's property had been
conveyed, but that secured in our deed at twelve months, and
that there were existing judgments enough to exhaust that in a
lew days, leaving nothing to reach to pay even a part of the
large demand, and seeing that the law appointing us as Com-missioners
expressly reserved, the power of any indictment to
the law ofiieers of the State, we considered that by these pro-visional
agreements we might save enough to make our road
from the Tennessee. State line to Waynesville by aid of a mort-gage
for a small sum.
These considerations,, and. not that we supposed that we were
obtaining all that should be paid the company^ induced the
majority to make the terms that we did.
It was making the best that could be made of a bad state of
things, and if lairly and laithfully carried out it would have
been a great blessing to this section of the State.
It was apparent to us that the thousand bonds placed with
Soutter & Co., and on which two hundred and fifty thousand
dollars ($2,50,000) had been a.dyancedj and. the four hundred